Slide 1: Earnings Call Presentation Q2 2024
EARNINGS CALL PRESENTATION Q2 2024
Slide 2: Forward-looking statements disclaimer
2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS EPR Properties*
Slide 4: Portfolio
PORTFOLIO
Slide 5: Portfolio Overview
5 PORTFOLIO OVERVIEW Education Portfolio 70 Properties; 8 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 284 Properties; 51 Ope
Slide 6: Portfolio Coverage
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM Mar 2024 YE 2019 Theatre Coverage 1.7x 1.7x Box Office* $8.8B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.2x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's
Slide 7: Portfolio Update: Theatre Coverage and Box Office Updates
7 PORTFOLIO UPDATE Theatre Coverage and Box Office Updates Theatre coverage at 2019 levels • Coverage back to 2019 levels, even with box office well below 2019 North American Box Office Gross (NABOG) Accelerating • June only down 4% with an increase in the number of releases; YTD through June 30 NAB
Slide 8: Portfolio Update: Other Experiential Property and Operator Updates
8 PORTFOLIO UPDATE Experiential Lodging – Margaritaville Nashville Hotel and Camp Margaritaville in Pigeon Forge performing well Eat & Play – Revenue & EBITDARM normalizing after post-COVID highs; Andretti construction progressing Attractions & Cultural – Six Flags & Cedar Fair concluded merger as o
Slide 9: Investment Spending
9 INVESTMENT SPENDING Q2 Investment spending was $46.9M; YTD is $132.7M 2024 Investment Spending Guidance $200M-$300M Overland Park, KS Schaumburg, IL Oklahoma City, OK Closed on third new Andretti Karting build-to-suit development in Oklahoma City, OK
Slide 10: Capital Recycling
1 0 CAPITAL RECYCLING Completed Transactions • Sold four vacant theatres; three former Regals and a Cinemark Update on Vacant Theatre Properties • Subsequent to quarter end, sold another vacant former Regal • Have signed purchase and sale agreements for 2 of the remaining 4 Regal theatres and one va
Slide 11: Financial Review
FINANCIAL REVIEW Properties*
Slide 12: Financial Highlights
1 2 (In millions except per-share data) Note: Each of the measures above for the quarter ended June 30, 2023 include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $7.3 million. There were no deferred rent and interest collections for cash-basis c
Slide 13: Financial Highlights: Key Ratios
1 3 FINANCIAL HIGHLIGHTS Key Ratios* *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures Quarter ended June 30, 2024 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt
Slide 14: Capital Markets Update: Debt and Liquidity
1 4 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of ~4 years; $136.6M of scheduled debt maturities due in August 2024 Liquidity Position at 6/30/2024 • $33.7M unrestricted cash • No balance on $1B revolver CAPITAL
Slide 15: 2024 Guidance
1 5 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $
Slide 16: 2024 Operating Property Guidance
1 6 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures OTHER INCOME Revised Guidance $55M - $65M Prior Guidance $57M - $67M OTHER EXPENSE Guidance $54M - $64M EQUITY IN
Slide 17: FFO as Adjusted per Share Without Deferral Collections
1 7 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures (1) Estimates for 2024 reflect the mid-point of guidance. $ in millions 2023 A $ in million
Slide 18: Closing Comments
CLOSING COMMENTS
Slide 19: EPR Properties contact details
™wa EPR iS Properties The Diversified Experiential REIT™ EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com (816) 472-1700 info@eprkc.com